Mortgage to Rent

Mortgage to Rent

Mortgage to Rent Scheme Scotland

Mortgage to Rent is run by the Scottish Government. It is used by homeowners who are threatened with eviction due to non-payment of their mortgages.

Under the scheme, a homeowner's property is bought by a housing association who then rent the property back to the owner who is able to stay on as a social tenant.

To qualify the homeowner needs to have:

  • Legal Action Threatened
  • Have all property owners' consent (e.g. both husband and wife)
  • Must be main place of residence
  • No inhibitions (a legal contract prohibiting the sale of a property).

Mortgage Shortfall

Many people find themselves being asked to pay large sums by their mortgage lender after they have been repossessed or have handed in the keys on their house. Often people think that once they have left the house their liability ends. However, this is not the case if the house is sold for less than the outstanding mortgage. The debt that remains is usually referred to as a mortgage shortfall.

External links


Wikimedia Foundation. 2010.

Игры ⚽ Поможем решить контрольную работу

Look at other dictionaries:

  • Mortgage loan — Mortgage redirects here. For other uses, see Mortgage (disambiguation). Finance Financial markets …   Wikipedia

  • Rent control — refers to laws or ordinances that set price controls on the renting of residential housing. It functions as a price ceiling.History of rent controls in AmericaIn the United States during World War I, rents were controlled through the efforts of… …   Wikipedia

  • Mortgage underwriting in the United States — is the process a lender uses to determine if the risk of offering a mortgage loan to a particular borrower under certain parameters is acceptable. Most of the risks and terms that underwriters consider fall under the three C’s of underwriting:… …   Wikipedia

  • Mortgage discrimination — or mortgage lending discrimination is the practice of banks, governments or other lending institutions denying loans to one or more groups of people primarily on the basis of race, ethnic origin, sex or religion. One of the most notable instances …   Wikipedia

  • Mortgage industry of Denmark — The mortgage industry of Denmark has proved very effective in providing borrowers with flexible and transparent loans on conditions close to the funding conditions of capital market players. Simultaneously, the covered mortgage bonds[1] transfer… …   Wikipedia

  • Mortgage industry of the United States — Historical U.S. Prime Rates The Mortgage industry of the United States is a major financial sector. The federal government created several programs, or government sponsored entities, to foster mortgage lending, construction and encourage home… …   Wikipedia

  • mortgage — 01. It will take us at least 25 years to pay off the [mortgage] on our house. 02. A couple of friends of mine are having a party to celebrate the fact that they ve just finished paying off the [mortgage] on their house. 03. They ve just bought a… …   Grammatical examples in English

  • rent, mortgage, and repair — As a phrase in a delegation of powers, referring to real estate rather than personalty. Caracci v Lillard, 7 111 2d 382, 130 NE2d 514, 53 ALR2d 1053 …   Ballentine's law dictionary

  • Price-to-Rent Ratio — A mathematical calculation utilized in the Trulia Rent Vs. Buy Index that compares the totals costs of homeownership with the total cost of renting a similar property. The total costs of homeownership considered by the ratio include: Mortgage… …   Investment dictionary

  • Subprime mortgage crisis - other economic effects — This article is a subordinate article to the subprime mortgage crisis. It covers some of the miscellaneous effects of the crisis in more detail, to preserve the flow of the main page. Decline in commercial real estate marketA combination of… …   Wikipedia

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”